Hello : for all of you sitting on the fence and NOT SURE about the direction of Real Estate in Palm Springs, these are my thoughts :
What we can see, in the last few weeks, is price reductions for the homes where the sellers, “pushed” and “encouraged” by their agents, just did not have the right indication of the market and were riding the same train we rode in 2013. Sellers ( in price range over 500K) are getting more realistic and coming down from their expectations.
Yes! Prices went up but inventory is still a little larger than earlier in season and buyers have more choices.
Yes! Prices will go up but not as fast as they did last year.
Last year we were coming back from way down the hill. This year it is another story.
Yes! Prices will go up compared to end of season 2013 where there was an increase of almost 30% across the board in the valley. We do not expect more than a 12% and up to 15% increase (on the lower end up to $400,000) for 2014.
The selling prices in comparison to the listing prices are still between 97% and 103%.
I am not the eternal optimist but facts are facts and I can refer you to a long list of people that wish they did not sit on that fence for that long, they would be in a better place today.